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NFL star sells home at big discount in order to avoid foreclosure

There are a lot circumstances that can lead to a person getting into financial trouble in the Tampa area. Sometimes, even the very wealthy can find themselves in debt or other financial hardships due to bad choices, poor money management or other circumstances out of their control. However, just because someone is in a financial bind that doesn’t mean he or she should lose hope and give up.

Pittsburgh Steelers wide receiver Plaxico Burress has sold his home in Lighthouse Point for much less than he paid for it back in 2005. According to reports, the NFL star sold his home for a reported $2 million in order to avoid foreclosure. However, when he purchased the home in 2005 he reportedly paid $4 million for it.

 Mr. Burress and his wife were facing a $3.3 million foreclosure lawsuit from the lender, Duetsche Bank. According to reports Duetsche Bank also lost money in the deal but it did reportedly approve the short sale of the home. Mr. Burress missed the entire season this year due to injury, which may have contributed to his decision to sell the home at a discounted price.

When a person is facing a difficult financial situation with the possibility of a foreclosure he or she still has some options. Because there are so many different outcomes and solutions it’s probably a good idea for a person in this kind of situation to consider consulting with an experienced and knowledgeable bankruptcy attorney. When someone is facing foreclosure it’s important that he or she understands his or her rights, which may help get a more favorable outcome.

Source: South Florida Business Journal, “Steelers receiver Burress sells home at loss to avoid foreclosure,” Brian Bandell, Jan. 29, 2014

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